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Raise your flag and be proud! According to a report from the Reputation Institute, Canada now has the best reputation in the world. The study spanned 50 countries around the world, with Sweden, Australia, Switzerland, and New Zealand, trailing behind.

The Reputation Institute is the leading international organization gathering advancing knowledge about corporate reputations and to providing professional assistance to companies interested in measuring and managing their reputations proactively.

The countries scored high for their steady democracies, "high economic output per capita, focus on active lifestyles, steady political systems and perceived neutrality to international political upheavals."

Pakistan, Iran and Iraq were ranked lowest in the 50-country study, while the United States and China were ranked in the middle and lower tiers.

In other news, Mexico lost ground dropping from 24th place to 35th place. As news in recent months has foreshadowed, the reputations of Greece, Ireland and Spain also dropped while Germany climbed five spots up the charts.

What do you think about this study? Are you surprised by any of the country's rankings? Leave us a comment!